Tom Morris (businessman)

Last updated

Tom Morris
Born (1954-02-10) 10 February 1954 (age 70)
Liverpool, England
OccupationBusinessman
Known forFounder and 89% owner of Home Bargains
SpouseKristina O'Hare
Children5

Thomas Joseph Morris (born 10 February 1954) is a British billionaire businessman and the founder of retail chain Home Bargains.

Contents

According to the Forbes in December 2024, Morris is worth $5 billion. [1]

Early life

Thomas Joseph Morris was born on 10 February 1954 in Liverpool. [2] He is the son of a shopkeeper in Liverpool's Scotland Road, and one of seven children of Tom and Veronica Morris. [3] [4] The Morris family have been involved in retailing for three generations. [5]

He received a degree in engineering. [4]

Career

Morris started the Liverpool-based discount retail chain Home Bargains in 1976 in Old Swan, [6] when he was 21 years old. The chain, during the time originally named "Home and Bargain" retails a diverse range of goods, including health and beauty products, groceries and toys. The stock is often bought at discount from brands trying to offload stock. [7]

In 1995, Morris decided to rebrand the stores logo and name, from "Home and Bargain" to Home Bargains, with a new blue and red corporate logo which was designed by Morris's family member and graphic designer Anton Morris. [8]

Morris reportedly founded the brand using a bank overdraft. [7] It now has more than 595 stores, employing more than 34,000 staff. [5] It still has its largest presence in the Merseyside region of the UK, and is the largest single employer in the area. [5] Morris has said that he plans to expand the chain to more than 800 stores. [5] Morris's interest in Home Bargain's is held by parent company TJ Morris.

Morris owns 89% while his younger brother, Joe Morris, is a smaller shareholder and operations director. [6] Three other brothers also work for the company. [4]

Morris was worth an estimated £2.05 billion in 2014, as per the Sunday Times Rich List. [9] In April 2018, Forbes estimated his net worth at $3.1 billion. [7]

In 2023, the Sunday Times Rich List estimated Morris' net worth as £6.133 billion, making him the richest Liverpudlian and fourth wealthiest person from North-West England. [ citation needed ]

In 2018, Morris paid himself £1 million. [10]

Personal life

He is married and lives in Lytham St Annes, Lancashire , England. [7]

In 2001, the Liverpool Echo reported that his son worked for the company, and that his daughter Lisa and her American husband Brian run Morris Textiles, the linen warehouse. [11]

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References

  1. ↑ "Tom Morris". Forbes. Retrieved 7 December 2024.
  2. ↑ "Bloomberg Billionaires Index: Tom Morris". Bloomberg L.P. Retrieved 14 October 2024.
  3. ↑ Beresford, Philip (26 October 2014). "Britain's Top 100 Entrepreneurs 2014: No. 14: Tom Morris, Home Bargains". Management Today. Retrieved 7 November 2014.
  4. 1 2 3 Andrew Bounds, "A discounter's stores stack up", Financial Times, 17 March 2009
  5. 1 2 3 4 "Home Bargains About". 7 November 2017. Retrieved 7 November 2017.
  6. 1 2 Andrew Bounds, "Discount retailer TJ Morris breaks through £1bn sales barrier", Financial Times, 14 October 2013
  7. 1 2 3 4 "Forbes profile: Tom Morris". Forbes. Retrieved 18 April 2018.
  8. ↑ "Home Bargains started with one store in Old Swan but went on to make owner a billionaire". 8 September 2022. Retrieved 8 February 2023.
  9. ↑ Bill Gleeson, "Merseyside billionaires feature in 2014 Rich List", Liverpool Echo, 18 May 2014
  10. ↑ "Home Bargains boss pays himself £1m - Retail Gazette". www.retailgazette.co.uk. 23 October 2018. Retrieved 10 December 2020.
  11. ↑ "#1m a year from #85 a week". Liverpool Echo. 7 June 2001. Retrieved 3 October 2015.
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